5.42 crore I-T returns filed as deadline ends

ITR filing Last day to file income tax returns today

ITR filing Last day to file income tax returns today

However, it further believes that the government's decision to impose a penalty on anyone filing tax returns after August 31 also led to more people taking up the task on time. Nearly 34.95 lakh returns were uploaded on August 31, the last date of the extended deadline for filing returns, the tax department said.

What are the consequences of filing a belated return?

Income Tax returns deadline 2018: The last date for filing IT returns for the assessment year 2018-19 is August 31. "This is indicative of an India moving steadily towards a more tax compliant society and reflects the impact of continuous leveraging of technology to improve tax-payer service delivery", the tax department said. If you are an Indian resident and have assets or investments outside the country, it is mandatory for you to file returns even if your income is not taxable.

If your income is below the taxable limit, then you need not worry about the said penalties.

While the Income Tax department had announced July 31 as the last date, it was later extended to August 31, 2018.

In case you are among the minority tax payers who have missed the extended deadline to file income tax returns (ITR) by 31 August, then be ready to shell out a fine to the Income Tax department. As per this section, an individual would have to pay a fee of up to Rs 10,000 for filing income tax return after the due dates specified in section 139 (1) of the Act.

However, it is important to note that if you have any unpaid tax liability, then a penal interest on the same would be levied, as applicable to your case, if you have filed a belated return. If after filing your tax return you realise that you have not reported certain incomes, or some deductions were not availed of in the return computation, it is possible to file a revised return.

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Why should you file the returns even if your income is not taxable?

What if I have filed my returns but there is an error?

How much time do I get to verify my return?

The Income Tax returns filing process has become largely online.

You will require basic documents like PAN card, Aadhaar card (not mandatory) and bank account details before filing the returns.

"The increase in the number of returns reveals a marked improvement in the level of voluntary compliance of taxpayers which can be attributed to several factors, including the impact of demonetisation, enhanced persuasion and education of taxpayers as also the impending provision of late fee which would be effective on late filing of returns", the Finance Ministry said in a statement.

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